What is a personal loan?

What is a personal loan? Personal loans are the most common type of loan available. A personal loan allows you to borrow a sum of money which you will repay, with interest, over an agreed period of time. These loans do not require any collateral (security) such as your house or car. You can borrow up to about £30,000, depending on your status). You would need a good credit score and income to be able to borrow large amounts. Interest rates vary depending on how much you borrow, your credit score and income. You can often get accepted for a personal loan faster than most other forms of finance as there is no security involved. It’s possible, in some cases, to get the money the same day as you apply.